Succinct, a San Francisco, CA-based developer of zero-knowledge proof tools, raised $55m in seed and Series A funding.
The round was led by Paradigm with participation from Robot Ventures, Bankless Ventures, Geometry, ZK Validator and angels including Sreeram Kannan from Eigenlayer, Sandeep Nailwal and Daniel Lubarov from Polygon and Elad Gil.
The company intends to use the funds to expand operations and its development efforts.
The Succinct Prover Network, under active development, is a hosted infrastructure layer for any application to outsource proof-generation for open-source proof systems. Applications using SP1 (or other zkVMs) will be able to deploy programs to the network and get fast, cheap proofs generated by a set of specialized provers. Users of this open protocol benefit from the networks’ economies of scale and strong liveness guarantees of a set of decentralized provers.
With SP1, developers can use ZK with normal programming languages, reuse existing crates and libraries, and iterate quickly with auditable and maintainable code.
Today, teams like Celestia, Wormhole, Lido, Avail, Near, and Gnosis are using Succinct’s infrastructure to build ZK-enabled applications.
FinSMEs
25/03/2024